Topic: Bitcoin Holders Must Prepare For Mass Adoption - page 3. (Read 19039 times)

Do it.


For sure. Especially considering the huge Indian diaspora sending money back home which is so much easier with Bitcoin than with traditional banks.

Hmmm, India is last? Untapped territory?

Shit, i didn't know Sweden was that high up on the list. Maybe i should start a Bitcoin business here.

Cool article.

Thanks for the warning about hackers. Duly noted and I will take precautions even though I have an infinitesimal amount of BTC and am not an early adopter. I still feel like my BTC are extremely precious to me.

But still I have to make a point, it will take time for the China frenzy to get fully started. Fair enough we got the two government sanctioned news reports. What we are waiting for now is for all the other different news outlets to digest that information and to do the required research to be able to confirm, match, copy and even add to what has already been published by the government. Then of course there is the blog and microblog storm that will ensue. One good point I heard is that in marketing terms people need to hear about something seven times before they even bother paying attention to it.

I think we need enough time for the many Chinese to rehash all the newbie questions that bitcointalk already has been taking years to explain (the rhetoric has already been simplified here so it won't take years). Even among the English-speaking Chinese I think Bitcoin is not really well known. My example is Hong Kong which has a low Bitcoin penetration even though it is uncensored and most people there speak English.

So I put the 55 countries that have downloaded the most bitcoin-qt clients from sourceforge and then I divided that number (of bitcoin-qt client downloads) by a thousandth of the population to get an idea of penetration. So using Hong Kong as a measure for mainland China adoption (meaning there is no way Hong Kong could not get to Northern European levels), I think there is easily a potential for a 4-5-fold increase in adoption of bitcoin in China. A 4-fold increase would put the 350 million-strong Chinese middle class at about the same level as Germany. It would also surpass the number of US downloads of the bitcoin-qt client.

4,97   Finland
4,73   Sweden
4,38   Netherlands
3,91   Estonia
3,81   Norway
3,80   Canada
3,56   Denmark
3,52   Slovenia
3,43   Australia
3,16   New Zealand
2,92   United States
2,79   United Kingdom
2,51   Germany
2,50   Lithuania
2,46   Austria
2,44   Switzerland
2,31   Latvia
2,28   Israel
2,19   Slovakia
1,98   Ireland
1,98   Poland
1,83   Bulgaria
1,75   Czech Republic
1,75   Belgium
1,57   Singapore
1,40   Portugal
1,22   Greece
1,21   Croatia
1,20   Hong Kong
1,16   Russia
1,12   Ukraine
1,08   Hungary
1,03   Belarus
1,00   Spain
0,95   Romania
0,87   Serbia
0,81   France
0,78   Italy
0,52   Argentina
0,43   Chile
0,25   Taiwan
0,23   South Africa
0,21   Malaysia
0,20   Brazil
0,18   China
0,13   Mexico
0,11   Colombia
0,10   Korea
0,10   Thailand
0,09   Turkey
0,07   Japan
0,06   Viet Nam
0,06   Philippines
0,02   Indonesia
0,02   India

It's pretty straightforward to keep cold storage BTC exclusively in a safe deposit box with no access to them saved having some 'free time' to enlist some assistance.  That is what I do.  The bold part is the hard part.

As for turning them into fiat, that would have been a very costly method for those who acquired BTC some time ago.  But 'having nothing' is indeed an effective method for not getting robbed.  Attempted robbery is another story...

There's a few different topics addressed in this post but I wanted to comment on the security issue. Anyone who thinks that having instant access to a huge some of money that is easily transferable and pretty much untraceable wouldn't make you a target for violent criminals is being pretty naive. In 'first world' countries such as USA or UK people will commit violent armed robberies in broad daylight in banks for possible rewards of tens of thousands of dollars. They would definitely prefer to rob less well protected individuals for greater sums. It's not only South America where things like this occur.
 I mentioned this in the 'how many bitcoins have you got' thread and suggested a time delay wallet similar to the safes in banks. On reflection this might just result in you being held by the violent criminals for even longer, making the whole experience of losing all your money even more unpleasant.

 There is one possible solution. You ask a trusted third party such as a lawyer to generate a secret key unknown to you. You generate your own secret key. A bitcoin address is formed that needs both keys to be known to open it (this is easily done) and you transfer your bitcoins to this address. The lawyer cannot access these bitcoins.
 Then in order to access your bitcoins you have to go to your lawyers office and sign a release form and you are given the other key.
 But please ensure that all of the violent criminals are aware that you have done this.

 Alternatively spend all of your bitcoins and your fiat as soon as you get it. I use this method and it works fine.

 
 
 

I'd imagine Chinese censors saw it as a pro-China piece: Avalon coming first to market, Bitcoin's ability to replace USD as the world's trading currency.  Being a censor doesn't sound like a high-intelligence job; check the list that someone else gave you, and when in doubt, censor. 

I wonder what they are talking about on the Chinese-language version of bitcointalk, and if they get censored.

http://www.thegenesisblock.com/bitcoin-the-newest-tool-in-chinas-currency-war-chest/

You are exaggerating the importance of BTC and that CCTV airing way to much.

Also you highly exaggerated the censorship of non-political stuff in China. This is viewed as an economic subject and are not censored in the same way. I'm pretty sure there have been plenty of programs about stocks that skyrockets etc.

And last but not least - you think the US government is shitting their pants because of that 1/2 hrs show and fears that BTC is going to make the dollar more or less obsolete.

While I do think I grasp the overall idea planned by the designer(s), I can't help but thinking he might be wrong. There is a very good possibility society could slip into the sort of communal economic utopia that he had envisioned, but I think human nature will be expressed despite the fairness of the monetary system. There will be people with more and people with less, and people with more will have more power and options to tempt those with less. And should such a utopia be established, I have my doubts about the peace lasting after the first generation lives and dies.

I know where you are going with this, and I see it to be probable as well, but I just don't think it will hold. You are definitely correct that people will be awestruck by the first wave of developments.

Give me your reasons that my point of view is on par with wearing a tin-foil hat and I will be happy to leave it up.

Yes. There is not so much point to litter other people's rooms, is there? The OP probably knows that there are many forum accounts who disagree with him, that alone is not a reason to post.

Go make your own thread if the only thing you have to say is to ridicule the host!

But the post where I pointed out your tinfoil-view of the world in your opening posts were deleted.....

I am sorry I upset you by deleting your earlier post. I have not tried to censor anyone's opinion, I have left plenty of posts up that blatantly dismiss what I say. That's fine, I was looking to promote a discussion no matter what your opinion on the topic is. I have only attempted to streamline this thread from posts that did not make a point in either direction.

I even deleted some posts of people who just told me they liked the thread, not because I don't appreciate their feedback, just trying to keep the discussion readable and the page count down. Malawi's latest post will obviously not be deleted cuz he offers a point in the discussion. Feel free to do the same.


-- Just so you know, I might end up deleting your last post and my response to it.

Calling bobdude17!  Please censor this if you will.  It clearly does not align with your thoughts and the goals you would like to achieve with this thread.

hmm.. Bitcoin has the potential to have a market cap of 21 quadrillion, currently 11 quadrillion. So, ye.. 330 trillion is very easily do'able with current amount of btc out there.

And you know this because...?

1 btc =12,000 xrp

https://bitcointalksearch.org/topic/buying-ripples-at-1-btc-12000-xrp-may-5-updated-194880

https://ripple.com

http://en.wikipedia.org/wiki/Ripple_monetary_system

"That's why they are close door meetings."

How do you know that - that is the question. I am afraid that making unjustified claims so easily makes me a bit skeptic about this all. Not saying is all a lie, not at all. But that then  its hard to now what is real and not real.